August 29, 2023: Galantas Gold Corporation (the ‘Company’) is pleased to announce its unaudited financial results for the Quarter ended June 30, 2023.

Financial Highlights

Highlights of the second quarter 2023 results, which are expressed in Canadian Dollars, are summarized below:

All figures denominated in Canadian Dollars (CDN$) Quarter Ended
June 30
2023 2022 Six Months Ended
June 30
2023 2022
Revenue $ 0 $ 0 $ 0 $ 0
Cost and expenses of operations $ (72,881) $ (66,995) $ (123,096) $ (113,634)
Loss before the undernoted $ (72,881) $ (66,995) $ (123,096) $ (113,634)
Depreciation $ (128,989) $ (148,336) $ (255,094) $ (278,867)
General administrative expenses $ (1,187,896) $ (1,412,941) $ (2,430,660) $ (2,584,111)
Foreign exchange (loss) / gain $ (34,250) $ (48,104) $ (59,720) $ 19,368
Net Loss for the period $ (1,355,516) $ (1,580,168) $ (2,749,130) $ (2,995,980)
Working Capital (Deficit) $ (12,059,946) $ (3,687,844) $ (12,059,946) $

Cash (loss) / profit from operating activities before changes in non-cash working capital $ (793,674) $ (1,738,055) $ (793,674) $ (1,738,055)
Cash at June 30, 2023 $ 586,464 $ 903,455 $ 586,464 $ 903,435
Sales revenue for the quarter ended June 30, 2023 amounted to $ Nil compared to revenue of $ Nil for the quarter ended June 30, 2023. Shipments of concentrate commenced during the third quarter of 2019. Concentrate sales provisional revenues totalled US$ 255,000 (CAD$ 419,000) and US$ 516,000 (CAD$ 851,000) during the three and six months ended June 30 2023 compared to US $ Nil and US$ 219,000 for the three and six months ended June 30, 2022. Until the mine commences commercial production, the net proceeds from concentrate sales are being offset against development assets.

The Net Loss for the quarter ended June 30, 2023 amounted to $ 1,355,516 (2022: $1,580,168) and the cash outflow from operating activities before changes in non-cash working capital for the quarter ended June 30, 2023 amounted to $ 793,674 (2022: $1,738,055). The main difference in the reduction in net loss is due to a reduction in the value attributed to stock based compensation and an increase in financing activities from 2021.

The Company had a cash balance of $ 586,464 at June 30, 2023 compared to $ 903,455 at June 30, 2022. The working capital deficit at June 30, 2023 amounted to $ 12,059,946 compared to a working capital deficit of $ 3,687,844 at June 30, 2022.

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